AI can now do the work — not just store information — and that expands the market massively because software can charge for labor, not just for storage or payment processing.

9:36do a background check, right? Right? Or let's do an onboarding or let's explain the benefits to this person. If it's accounting, what do you do with the financial statements? Like imagine I'm a dentist and I see I have all these overdue invoices and I can look up look up in QuickBooks. What do I do? Well, I might want to call and say please pay me. Like that's what the filing cabinet

9:53should be doing and not just giving you the information. So it just turns out that the work is orders of magnitude bigger than the storage of information that the work is done on. Um so that that's really the been the thesis and that you know you need the technology to catch up so it can actually do it. >> Mhm. >> Um because in 2023 it's like you know next word prediction

10:16wasn't really good at like going and uh which is basically what AI is. Uh that was not good enough to go say I'm going to go run my practice or you know do background checks. I know I'm going to have statistical, you know, inference play out and that's how I'm going to do a background check and make sure that Frederick didn't commit any crimes before I go hire him for my company.

10:34Like, no. But now things have gotten good enough and that just massively expands the market size. And if you think about fintech, fintech massively expanded the size of many non-financial markets because now you could you could bundle in financial products with non-financial products. And what I mean by that is like my favorite example of this is Toast. And I know you and I have talked about this a bunch,

10:57>> but like Toast could have existed in 1985. >> Like you know, everybody had an IBM PC. They worked pretty well. Microsoft DOS worked pretty well. Why didn't why wasn't there a restaurant software company in 1985? Well, number one, it was too hard to use. But then number two is you have this cact issue because could you get a big restaurant that grosses $5 million a year to spend

11:21$100,000 on an MS DOS software product for keeping reservations and paying weight staff and you know having a little menu that showed up for the cook so they can you know make your hamburger more quickly or something. Um nobody would pay $100,000 for that. But if you bundle in payment processing, you're effectively charging $100,000 for that, right? Because maybe you get a 2% vig. So fintech made the market much much

11:44bigger for software because of this bundling effect. Um, and that pales in comparison to now software doing the job of labor because it's like, yeah, fintech made it a little bit bigger, but now instead of just being a dumb pipe for data or a dumb storage of data and instead of just like charging incrementally more by bundling in, you know, financial processing, now we can do work and we can charge for work and

12:08we can charge for work at a way that is cheaper than humans, better than humans. But I think both of those sell the opportunity short because in many cases you can't even find a human. actually the the best and funnest story of the the lassie um introduction or like the our announcement that we made together with you or your your announcement your your amazing video. >> It was a great collaboration.